It is preceded by the remaining central segment of Forestry Trunk Road, Highway 734 begins south of the Red Deer River to the southwest of Sundre, and is succeeded by Highway 40, which also used to be part of Forestry Trunk Road.

Over its 99 km (62 mi) length, the gravel road provides access to numerous public campgrounds, crosses the Oldman River, and intersects with Highway 532.

Highway 40 continues as the central remaining segment of Forestry Trunk Road for 27 km (17 mi) to a point 8 km (5.0 mi) prior to the Red Deer River.

The road then continues for 268 km (167 mi) as Highway 734 to north of the Pembina River, north of the Elk River Indian reserve, where it becomes the fourth segment of Highway 40.

This stretch also crosses the Red Deer, James, Clearwater, Ram, North Saskatchewan, Blackstone, Brazeau, and Pembina rivers.